I just took delivery from the last dip from BullionBourse (www.bullionbourse.com) - I wanted to comment that their service/price was excellent - well done. The delivery is on the slower side but is much cheaper than competitors + they made me aware of delivery times beforehand. I would recommend this dealer. I am hoping we go through the floor of 28 so I can buy some more... WS
....many people have done calculations on the high side - has anyone done calculations on the low side??? SGTBull talks about the chinese waiting for the low point in the current manipulation but what will that be.....? 26? 25? any ideas??? "...I want to buy a pool load of maples!" ws
I read on another board that the drop was caused by Jim Rogers stating that gold could have a sharp pullback. That board usually has reliable information, but that doesn't sound like something Rogers would say.
I believe it is becoming increasingly irrelevant as what the paper price is any longer. The physical and paper buyers are starting to diverge....the physical holders are looking for a long term store of wealth with the paper buyers trying to day-trade for short term gains. Pretty soon all of the actual physical buyers will have strategically sopped up the entire market. While, at the same time, the paper traders are frantically fighting it out, climbing over each others bodies, trying to buy and sell their paper via their game of musical chairs all whilst trying not to be the ones left holding the bag in the end. When it is all said and done, there will be a lot of people burned in the paper market. I wonder if there will be another raid tomorrow to try and drive the price down before the weekend close. That way the rise in price next week may be slowed a bit. It is quite a show, the cat is now out of the bag, many people are now in the loop as to what is happening...it's sorta like knowing the outcome of a football game before the start, but having to watch the game to learn who scored the goals and made the plays.
silver is dirt cheap at these prices.. seriously. compared to gold, plat and palladium anything under 100aud for this metal is dirty cheap.
Watch this update on the pullback from endless mountain, he's analysis is always very good imo. He suggests a pullback to 26 would be healthy for future gains... [youtube]http://www.youtube.com/watch?v=AUa_1JLlYg0[/youtube]
I was suggesting a pull-back near $31, when there were 42 users online... Now, everyone is suggesting a pull-back! I note Dave Morgan has just done an interview calling for a pull-back & Jim Lowell has just sold all of his silver. http://etfdailynews.com/blog/2011/0...here-next-for-silver-slv-agq-gll-rpg-gld-tbt/ I reckon this could be the signal for higher prices again...... see what comes of it =)
Maybe steady around the thirty mark for a couple of months yet. Tipping $40 as the sheeple breaking point. All hell will break loose ! There will be lot's of scary laugh's from SS crew !
After reading that article, it seems to me that Lowell being a silver bear is purely basing his judgement around a manipulated spot price. I think we will see a complete decouple from the physical price if supply continues to tighten. I will make a comment on intelligencers thread soon. But I also agree, I don't think the spot price means jack now. I have bought for family and friends and said to them, ignore the spot price. If they don't feel comfortable. Then sell me the silver and get out. I will not buy for them again, they make their own decisions from now on. If a pullback comes, it comes, it just means its cheaper to stack for everyone. Just keep draining physical people, we will win one day soon. I'm not sure it will or will not pullback. Everything is a guess now. Edit: Also one thing to keep in mind, the only way our silver can fall to zero is if no one wants it (thats impossible for physical). The other thing that will affect the physical price is, if suddenly there is an oversupply and not enough demand (this is highly questionable if it will even happen). Otherwise what we saw in the last 2 weeks is massively more tightened supply, but the spot price goes down??? I wish all things I bought worked like this. Slam
It makes sense for silver to have pull back, $31 is a new milestone for silver. We can probably expect a pull back at $40 and $50 and so on.
Forget about Jim Lowell I looked up his newsletters, but did not find him recommending silver in the first half of 2010, but found this instead; The Dow was over 13000 when he wrote is in the May 1 2008 issue, 4 month later on 6 of October the Dow was under 8500, 10 month later 6626. May 1, 2008 April Gains Surprise the Street On Wednesday, despite all of the doom and gloom from media talking heads of late, there were several indications that the markets are not so badly off as one might be lead to believe. GDP growth was reported at 0.6%, higher than the 0.5% forecast by industry analysts, and the Fed made the expected, and possibly final, 25-basis point rate cut, bringing the Fed Funds Rate down to 2.0%. Both were welcome pieces of news (well, perhaps not to those who make their living loudly proclaiming that the sky is falling), and we thought it would be a good opportunity to run down some other market positives that may have been overshadowed by negativity in recent weeks. The PCE deflator, which measures the prices paid for goods by consumers and an indicator looked to by the Fed to gauge inflation, rose by 3.5%, down from a 3.9% gain in the fourth quarter of 2007. The core PCE figure, which excludes energy and food prices, was up 2.2% compared to a 2.5% rise in Q4 2007, placing it closer to what is believed to be the Fed's target range of 1% to 2% (which may have been a factor in the Fed hinting that it was done cutting rates for now, although their April 30th meeting statement did leave the door open for further activity). Citigroup's $5.1 billion loss was good news, if a loss of that magnitude can be labeled "good," as it was significantly lower than expected, and investors came away thinking that maybe the nightmare is finally over for the banking giant, but it was nothing compared to the huge gains in profits for Google. Caterpillar, a company we see as one of several bellwethers of export strength, reported strong overseas sales. Honeywell International and Schlumberger were also big winners with overseas business contributing to a strong first quartera theme among a number of larger companies with businesses spread around the globe. Last week's report on first-time jobless claims were lower than expected, reversing a trend, which is also a positive. Of course, as with numbers that were previously moving in the other direction, this weekly series is riddled with anomalies, so its importance should not be overestimated. In This Issue
Continue April Gains Surprise the Street Page 1 of 2 The durable goods orders report for March was mixed, with transportation orders taking the number down, but ex-transport orders showing a nice gain. Like the jobless claims numbers, month-to-month or week-to-week variations need to be smoothed to get a rational view. And our view is that this is still a bifurcated market, and economy, as readings on earnings, labor and even credit and liquidity make abundantly clear. The press continues to stoke fear in the market, as cash builds up looking, eventually, for a place to go. The largest headline type seems to be reserved for negative news, and more positive reports on profits at companies like AT&T, Boeing, McDonald's (which despite lower same store sales in the U.S. was strong globally), Yum Brands and Norfolk Southern were given shorter shrift. Ford Motor swung to a $100 million profit, and while analysts were unhappy with Apple's margins, the company still had a strong quarter. Dow Chemical sees strength around the globe and, with its reach into most corners of the U.S. and global economies, doesn't see a dramatic economic contraction. So where does all of this leave us? More or less right where we want to be: in the thick of things, with our clients' money in the markets and not on the sidelines gathering dust. They've been on board for the nearly 1,000-point gain in the Dow Jones Industrial Average over the last month and a half, and are well-positioned for future growth as well. Our best advice is to turn off the TV, tune out those who sell panic for a living and stay put in the markets with a disciplined, longterm investment plan.
http://www.the-privateer.com/gold6.html Gold - Public Enemy Number One As you know, Gold managed to hit a new all time high in $US terms on the last trading day of 2010. And then it went a little bit higher on the first trading day of 2011 (see above), closing for the day at $US 1422.90. But take a look at the volume (and open interst) on the day. And then take a look at those same two numbers on the next day, January 4. On January 4, the boys (and girls) came back to town. Volume on the day almost tripled as the big banks and "large funds" came back to play on the paper Gold markets. The result? Spot future Gold fell $US 44.10. This was even bigger than the $US 37.80 one-day drop registered on November 12 as Gold was retreating from the $US 1400 level for the first time. On that sell-off, the spot future price fell from $US 1403 to $US 1337 in four trading days. So far this time, Gold has fallend from $US 1423 to $US 1369 over four trading days. The big fall on November 12 saw daily volume increase about 60 percent while open interest hardly moved. This indicates a massive increase in shorts to offset the longs being knocked out of the market by the precipitous fall. The slighly bigger fall on January 4 saw daily volume all but triple while open interest increased by a little over one percent. This time, the influx of shorts was even more massive. That's the way it's done. Many people ridicule the contention that the "price" of Gold is manipulated. As we have pointed out here on many occasions, if the Gold (and Silver) price were not manipulated they would be the only prices in the paper asset universe which have that honour. Never forget, actual Gold very seldom changes hands on the futures markets. Contracts are either rolled over or settled in terms of paper Dollars - just like all other "markets". But to politicians, bankers (central and commercial) and insisitutional investors big and small, Gold is and always has been "public enemy number one". The more out of control their system gets, the more Gold looms as what could be called the "enemy at the gates". Power mongers have many ways to define the "public interest", depending on what they want to spend more money on. The one thing they dread is anything that has the potential to curtail that spending, especially something that would stop them borrowing into existence the money they spend. It is said that "matter" can neither be created nor destroyed. That may be true, but paper money sure can. So, as the Fed enters its third year without an interest rate and creates more "money" than ever before to make sure the "public's interest" in Treasury debt remains, Gold has been hit again. Clearly, the monetary "powers that be" have drawn another line in the sand for Gold. Ten years ago, it was the $US 300 level. Today, it is the $US 1400 level, one which Gold has breached over each of the last three months only to fall back again each time.
